Walmart and American Express Launching Alternative to Debit and Checking Accounts
[Monday, October 08, 2012] Walmart and American Express today announced the launch of Bluebird, “an alternative to debit and checking accounts designed to help consumers better manage and control their everyday finances. Bluebird has been developed for the tens of millions of Americans who are looking for advanced capabilities such as deposits by smartphone and mobile bill pay, fee transparency, and no minimum balance, monthly, annual or overdraft fees. Bluebird puts the power back in the hands of consumers and will be available next week online at www.bluebird.com and in more than 4,000 Walmart stores,” according to a press release.
“Building on a pilot program launched in late 2011, Bluebird was shaped by feedback from consumers who said they were not getting the value they expect from traditional checking account and debit services because of increasingly higher fees. According to an independent study by Bretton Woods, consumers now pay an average of $259 per year for a basic checking account and that cost is rising due to higher minimum balance requirements and a growing list of fees being added to these services,” according to the press release.
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